TERMINATION AGREEMENT
TERMINATION AGREEMENT (the "Agreement"),
dated as of August 5, 2009, by and
between COMPETITIVE TECHNOLOGIES, INC., a Delaware corporation,
(the "Company"),
and FUSION CAPITAL FUND II, LLC, an
Illinois limited liability company (the
"Buyer").
WHEREAS, the Buyer and the Company
mutually desire to terminate the Common
Stock Purchase Agreement dated as of July 22, 2008, by
and between the Company
and the Buyer (the "Purchase
Agreement") and the agreements entered into in
connection with the Purchase
Agreement. All capitalized terms used in this
Agreement that are not defined in this
Agreement shall have the meanings set
forth in the Purchase Agreement.
NOW THEREFORE, the
Company and the Buyer hereby
agree as follows:
1. TERMINATION OF
THE PURCHASE AGREEMENT.
The Purchase Agreement,
and the other Transaction Documents between the
Buyer and the Company related
to the Purchase Agreement (other than this
Agreement) are hereby terminated effective as of the date hereof
and any and all
rights, duties and obligations
arising thereunder or in connection with the
Purchase Agreement, and the Transaction Documents
are now and hereafter fully
and finally terminated, provided,
however, that (i) the representations and
warranties of the Buyer and Company
contained in Sections 2, 3 and 5 of the
Purchase Agreement, (ii) the indemnification provisions
set forth in Section 8
of the Purchase Agreement, and (iii) the agreements and
covenants set forth in
Section 11 of the Purchase Agreement shall
survive such termination and shall
continue in full force and
effect (the "Surviving Obligations").
2. MISCELLANEOUS.
(a) Governing Law;
Jurisdiction; Jury Trial. All questions concerning the
construction, validity, enforcement and interpretation
of this Agreement shall
be governed by the internal laws of the State of Illinois, without
giving effect
to any choice of law or conflict of law provision or rule
(whether of the State
of Illinois or any other jurisdictions) that would cause the
application of the
laws of any jurisdictions other than the State of
Illinois. Each party hereby
irrevocably submits to the exclusive
jurisdiction of the state and federal
courts sitting in the City of
Chicago, for the adjudication of any dispute
hereunder or under the other Transaction Documents or in
connection herewith or
therewith, or with any transaction contemplated hereby or
discussed herein, and
hereby irrevocably waives, and agrees
not to assert in any suit, action or
proceeding, any claim that it is not personally subject
to the jurisdiction of
any such court, that such suit,
action or proceeding is brought in
an
inconvenient forum or that the
venue of such suit, action or proceeding is
improper. Each party hereby irrevocably waives personal
service of process and
consents to process being served
in any such suit, action or proceeding by
mailing a copy thereof to such party at the address for such
notices to it under
this Agreement and agrees that such service shall constitute good
and sufficient
service of process and notice thereof. Nothing contained
herein shall be deemed
to limit in any way any right to serve process in any
manner permitted by law.
EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT
MAY HAVE, AND AGREES NOT TO
REQUEST, A JURY TRIAL FOR THE
ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN
CONNECTION HEREWITH OR ARISING OUT
OF THIS AGREEMENT OR ANY TRANSACTION
C